Police are investigating a violent double robbery on the Gold Coast overnight that saw two businesses targeted within hours and terrified staff threatened with an axe.

Two armed offenders stormed a business on Brisbane Road in Arundel around 8.15pm on Wednesday, threatening a young female staff member before fleeing the scene on foot with a stash of cash.

The shaken worker, aged in her 20s, was thankfully not physically injured during the incident.

Just three hours later, police allege the same pair struck again, this time at a business on Station Street in Nerang.

Armed with the same weapons, the offenders threatened multiple staff before making off with another sum of money.

In their desperate escape, they attempted to flee in a black Holden Captiva, but collided with an orange MG ZST before speeding away.

Around 11.30pm, officers located the Holden parked nearby and a 42-year-old man was taken into custody a short time later.

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Detectives are now working to identify the second suspect, who remains on the run.

Investigations are ongoing.

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